Spot basis bids for US soyabeans were sharply higher while corn bids were narrowly mixed on Thursday, grain dealers said. Farmer selling of both commodities was nearly non-existent, they said. Dealers continue to boost soyabean basis bids, with bids rising by as much as 60 cents in central Illinois. However, any farmers still holding old-crop bean supplies are not selling.
Some processors have pulled both bids for soyabeans and offers for soyameal amid extremely tight supplies. Thin soya stocks are expected to underpin futures prices until harvest begins in the coming weeks and months. The cash corn market was also quiet, as bids rose by a penny at Ohio rail terminals but fell by 2-1/2 to 5 cents per bushel, respectively, along the Mississippi and Illinois rivers.
Corn futures followed a rally in the soya market at the Chicago Board of Trade, with support from cool weather worries, tight supplies and big export sales. However, an expected bumper harvest limited gains. The US Agriculture Department has forecast the second largest corn crop and a record soya crop. A weekend cold spell in the US Midwest will slow the growth of the region's corn and soyabean crops, but temperatures should warm up next week, a forecaster said Thursday.
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